• cal. 27-460Q movement stamped twice with the seal of Geneva, 37 jewels, 18k rotor • apertures for day and date, subsidiary dial indicating date combined with fan-form aperture for moon-phases, outer painted minute track, applied gold numerals • sloped bezel, downturned lugs, snap back • case, dial and movement signed • with an 18k yellow gold Patek Philippe buckle

Reginald H. Fullerton, Jr.

The movement is running at the time of cataloguing and the calendar correctors are advancing properly, however it may require service soon. The dial shows no visible imperfections. The case has been polished at some point and shows some rounded edges to the lugs, however it retains a clean overall appearance and shows few signs of wear otherwise. The strap of this watch contains endangered species; please see Important Notices for further information.
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. All dimensions in catalogue descriptions are approximate. Condition reports may not specify mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome. Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant. Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue. In particular, please note it is the purchaser's responsibility to comply with any applicable import and export matters, particularly in relation to lots incorporating materials from endangered species.NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

**Please be advised that bands made of materials derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these bands prior to shipping.

Important Notice regarding importation into the United States of Rolex watches
Sotheby's cannot arrange for the delivery of Rolex watches to the United States because U.S. laws restricts the import of Rolex watches. The buyer or a designated agent may collect the property in the country of sale."

With an Extract from the Archives confirming the date of manufacture in 1973 and subsequent sale on December 15th of that year. Further accompanied by product literature, a Patek Philippe presentation box and outer packaging.

In his letter dated January 21st, 1988, to Patek Philippe, Mr. Fullerton contemplated the future direction of his collection. He ends his note with:

"I do hope you will look for a few items for me... the perpetual calendars which fall between my 2497 and 3940. I believe they are 3448 and 3450."

Here we see the deliberate and calculated efforts of the consummate collector to fill in gaps in his curated group. Each piece was chosen with precision and foresight into creating a timeline that would come to represent the seminal Patek Philippe wristwatches known to collectors today. And just as Mr. Fullerton set out to do, within the next two years he did indeed find for his collection the perpetual calendars that would complete the gap between his superlative 2497 and what was at the time a contemporary piece, the 3940. The present lot represents the first of those finds. For the second, Ref. 3450, see the following lot.

This model, Ref. 3448, was launched in 1962. At that time, it was the only automatic perpetual calendar wristwatch on the market and remained in production until the early 1980s.The model was ultimately succeeded by Ref. 3450, produced from 1981 to 1985, which included the leap year indication and some more subtle differences.

It is interesting to note the relatively small quantity of watches made in this reference. Only 586 pieces were made in total over the 20 year production period, meaning roughly 30 examples were made each year. As such, Patek Philippe's technicians were able to pay the utmost attention to each piece. 

For a discussion of Ref. 3448 and other examples, see Reardon, J., Patek Philippe in America, pp. 232-33. For a similar model, see Huber, M. & Banbery, A., Patek Philippe Wristwatches, Second Edition, pp. 288-289.